Air cargo exports up 39% as Nigerians cash in on weak naira

LAGOS, OCTOBER 22, 2016 – Nigerians are cashing in on the weak naira to increase exports of mainly agricultural products to boost their foreign exchange earnings. Data obtained by BuisnessDay from Nigeria’s two main cargo-handling companies shows a significant 39% increase in the volume of exported cargoes through Nigeria’s airports.

Data obtained from SAHCOL shows that while air cargo imports declined by 27.2% to 6,822,499kg in the first half of 2016, cargo exports handled by SAHCOL rose 84% to 2, 560,760kg within the same period.

Similar data obtained from NAHCO shows that air cargo imports also fell 24% to 21,858,976Kg, but cargo exports rose 25% to 5,241,269Kg within the same period.

Cumulatively, exports from the two main cargo-handling companies were up 39% in the first half of 2016.

“The high exchange rate has reduced importation but it is also encouraging Nigerians to export agro-allied products to other countries” Tayo Ojuri, industry expert and CEO of Aglo Limited, an aviation support service company told BusinessDay.